How much can solar save?

The national average cost for electricity consumption in the US according to statistics is around 1kW per hour, with the national price of 1 kW per hour of electricity at $0.12. There are 730 hours in a month, which means the average electric bill floats around $87.6. If you got much higher than that, don't be surprised!

The cost of electricity diversifies state by state. Of course, what we use in our homes play a big role in what our electricity bill averages per month. Also, think about all the other appliances in your home that run in the background. These are all the small things that cost your utility bill to move up. And with the increase of electric bills by 3% every year, you might want to hear more about the solar energy system.

A solar panel installation cost around $5 per watt and a solar system is around 3kW. With these, solar power systems can be installed for just $15K.

If you want to know all the costs involved in installing solar panels, you need to break down the price by the cost of the product and the cost of the labor. Around 30% of the cost from a $15K residential solar panel system is for solar panels. Those costs differ depending on the type of panel you buy. The price of solar panels is determined per-watt basis.

Solar panels will help you save money on energy costs the longer you live at the same house. How? It is by regaining the installation costs through savings on your power bill.

Less power from the grid- Using a solar system will help you save more since you won't be using much electricity from the grid.

Price of electricity- The price of electricity rise up every year, so, using a solar system who can generate its own power that comes from the sun can help you save more.

Stored power- If you are not using your electricity because you are not home, you don't have to worry that it will go waste. Net metering sells the electricity you are not using back into the typical grid-tied PV system and enables your home to generate your own electricity efficiently. Throughout the day, most solar customers generate more electricity than they use; net metering enables them to export that power to the grid and reduce their future electric bills.

Property value- Solar panels can increase the value to your property. Let's say you are going to sell your house, there's a big possibility that buyers would pay a higher price. According to the U.S. Department of Energy, property values increase $20 for every $1 of utility savings per year. With a 5 kW unit installed in your home, you could easily increase the value of your home by at least $20,000.